I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Great Shelford. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

The majority of houses in Great Shelford are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can assist with the conveyancing process. We note that you are purchasing in Great Shelford in which case you should be shopping around for a Great Shelford conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.

I am attracted to a couple of flats in Great Shelford which have in the region of forty five years unexpired on the leases. should I be concerned?

There are plenty of short leases in Great Shelford. The lease is a right to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this area

I am employed by a reputable estate agency in Great Shelford where we have witnessed a number of leasehold sales derailed due to short leases. I have received contradictory information from local Great Shelford conveyancing firms. Can you confirm whether the owner of a flat can commence the lease extension process for the buyer?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What advice can you give us when it comes to choosing a Great Shelford conveyancing firm to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Great Shelford conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Great Shelford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions might be helpful:

• How experienced is the practice with lease extension legislation?
• If the firm is not ALEP accredited then why not?

Can you provide any advice for leasehold conveyancing in Great Shelford with the intention of expediting the sale process?

• Much of the frustration in leasehold conveyancing in Great Shelford can be avoided if you get in touch lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers conveyancers.
• The majority landlords or Management Companies in Great Shelford levy fees for providing management packs for a leasehold property. You or your lawyers should discover the actual amount of the charges. The management pack sought as soon as you have a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Great Shelford.
• If you have carried out any alterations to the premises would they have required Landlord’s consent? In particular have you laid down wooden flooring? Great Shelford leases often stipulate that internal structural alterations or installing wooden flooring require a licence issued by the Landlord consenting to such works. If you dont have the paperwork to hand you should not contact the landlord without contacting your solicitor first.
• If you have had conflict with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be warry about purchasing a property where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled.
• You believe that you know the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to where the lease term is under 80 years. It is therefore essential at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your property on the market for sale.

Great Shelford Conveyancing for Leasehold Flats - Examples of Queries before Purchasing

It is important to be aware if window replacement or some other major work is coming up that will be shared amongst the leasehold owners and will materially impact the level of the maintenance costs or require a one time invoice. It would be sensible to investigate if the the lease includes any onerous restrictions in the lease. For example plenty of leases prohibit pets being allowed in in a block in Great Shelford. If you love the propertyin Great Shelford however your cat can’t make the move with you then you have a very difficult choice.